Archives: Brokers

Is Trades.com Scam or Legit Broker?

It is not safe to trade with Trades.com. The broker does not hold any license. Moreover, it pretends to be another regulated broker (TRADE.COM). Evidently, the names of the two brokers are almost identical, and Trades.com tries to benefit from this.

About Trades.com

🗺️ Registered in	No Registration
🗺️ Type of License	No License
🛡️ Is Trades.com safe to trade	No
🗺️ Recommended Licenses	FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative Broker	GO Markets - licensed by ASIC in Australia

What is Trades.com?

Trades.com as mentioned on the official company website is the global forex and CFD provider that gives the possibility to build a varied and robust portfolio. “Diversify your trading and minimize any potential risks, with a broad choice of financial trading products. Trade with no commission, and benefit from highly advantageous trading terms, including versatile leverage (Also read our review on MEX Exchange to know more about its leverage), low margin and tight spreads (Low Spread Forex Brokers), along with employed strictest measures to ensure the safety and privacy of account. We also regularly submit financial reports to the regulators to prove that we hold sufficient capital to cover all client balances.”

• All that, of course, sounds good, but the main issue is that the broker’s name and offering are creating confusion since there is a well-regulated and quite big broker TRADE.COM. This broker is internationally recognized and known, while trades.com changes only a letter and is, in fact, a non-legal, non-licensed entity that strives only to attract clients. What the broker can do after we can just guess, but definitely it seems to be a fraud. Unauthorized firms promoting hardly Forex and the trading investment itself, however, traders should be careful since that company concert is just to take money from the public.
• This is actually a common practice among scam brokerages to use the tactic to pretend another, authorized firm so traders should be especially wary while deciding to deposit funds or engage in trading with a particular company. The first and major step is to check the registration of the company, while mostly all respected authorities publish an online listing with open access to all users, with the purpose to check the current status of the firm or another.

Trades.com Review Conclusion

One of the most essential steps when choosing a broker is whether it is licensed or overseen by any of the financial authorities. Generally, we recommend trading with financial services providers licensed by one of the most respected financial regulators – the Financial Conduct Authority. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets, HotForex, etc.

Trades.com Update

We found the Trades.com website inactive and unavailable to reach. This means the broker no longer operates. However, it is best to avoid and stay alert if any proposals come. 

Is GCG Asia Scam or Legit Broker?

GCG Asia is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, was never monitored in terms of its safety, and simply may operate the business in any way it wishes.

What is GCG Asia?

Guardian Capital AG (GCG) claims to be a leading provider of online foreign exchange (FX) trading, CFD trading, and related services. According to the website, GCG is an authorized and regulated broker under close supervision by FINMA. We didn't find this broker among the FINMA-regulated entities, however, we actually found it in the regulator's warning list.

• Thus, it is not safe to trade with GCG Asia. It is owned and operated by Guardian Capital AG and claims to be located in Zurich, Switzerland. Yet, it does not hold a license from the local authority. 
• Swiss regulator has issued a warning against GCG Asia in March 2019. This is probably the biggest red flag.

• Also, Swiss Bank Dukascopy warned against GCG Asia. In the announcement, Dukascopy Bank cautioned that neither it nor any entities of Dukascopy Group have relations with GCG Asia, although the latter fraudulently claims the opposite:

  “GCG Asia is fraudulently using Dukascopy's name and logo for attracting clients/investors, without Dukascopy Bank's permission. We are taking action against this dishonest organization. We invite to extreme caution toward such an organization basing its promotion on a lie.”

GCG Asia Review Conclusion

We advise all investors and traders to avoid GCG Asia and other unregulated brokers. The lack of information about the broker’s regulations, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as XM and Exness.

GCG Asia Update

Our research revealed that the GCG Asia website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals. 

Is WandaFx Scam or Legit Broker?

No, it is not safe to trade with WandaFx. The broker doesn’t provide any information about the company behind the brand’s name, regulatory information, or contact details.

What is WandaFx?

WandaFx provides Forex, Crypto, and CFD solutions to institutional and private investors. However, without disclosing essential details about the company and its trading conditions the broker usually cannot be trusted and taken seriously. The terms and conditions on the website state that the company is under Estonian jurisdiction, but it is not actually regulated by its local regulator.

• We have heard WandaFx broker denies traders withdrawing funds. We have feedbacks from traders that they cannot withdraw money. You can read the feedback here.

WandaFx Review Conclusion

We advise all investors and traders to avoid WandaFx and other unregulated brokers. The lack of information about the broker’s regulations, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro, Exness broker, and XM.

WandaFx Update

Our research revealed that the WandaFx website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals.